Santa Fe Industrial Condo For
For Sale
Contact for pricing
21 Bisbee Ct, Santa Fe, NM 87508
Industrial condo with live/work space, high ceilings, and steady income.
Property Size2,557 SF
Lot Size0.60 Acres
Price / SF$170.12
Days on Market168
Property Features for 21 Bisbee Ct
General Information
Standard status
Active
Size
2,557 SF
Lot size
0.60 Acres
Property subtype
Industrial
Zoning
PD
Lease Type
NN
Building Details
Year Built
2003
Tenancy
Single
Listing Agency:
Colliers - Albuquerque, New Mexico
(505) 217-2484
Listed By:
Joe R. Romero, CCIM · License #NM 13670
Source:
Crexi
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 11 at 4:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Albuquerque, New Mexico
Investment Insights
Based on property information with market context.
Located at 21 Bisbee Ct, Unit G in Santa Fe, NM 87508, this industrial condo offers a versatile live/work space. The property features a 12’ roll-up door, signage, and high ceilings in the warehouse area. The unit spans approximately 2,557 square feet and includes a kitchenette, shower, and a reception/showroom area. Situated on a 0.60-acre lot, the property has a parking ratio of 1.96 spaces per 1,000 square feet. The property is suitable for various business needs and presents a lucrative investment opportunity with a cap rate of 6.61%, generating steady income and offering potential for further growth.
Key Highlights
- 6.61% Cap Rate indicates a strong income‑generating investment.
- Versatile live/work space suitable for various business needs.
- Functional layout with 12’ roll‑up door, high ceilings, and warehouse space.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,925
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$538,500
$538.5K
Cap Rate 7%
$384,643
$384.6K
Cap Rate 9%
$299,167
$299.2K
Market Conditions
NOI Build-Up for 2,557 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$46.0K $18.00/SF
− Vacancy
−$4.6K −$1.80/SF
EGI
$41.4K $16.20/SF
− OpEx
−$14.5K −$5.67/SF
NOI
$26.9K $10.53/SF
Area
Santa Fe County, NM
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$538,500
Cap Rate 7%
$384,643
Cap Rate 9%
$299,167
Alternative Uses
Best Use
Flex RnD
$384.6K
$336.6K – $448.8K
NOI $26,925 @ 7.0% cap · market cap 6.19%
Second Best
Warehouse
$220.6K
$193.0K – $257.3K
NOI $15,440 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$694.3K
$607.5K – $810.1K
NOI $48,603 @ 7.0% cap · market cap 11.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
149
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 87508, NM
19,156
Population
7,782
Households
2.5
Avg Household Size
54
Median Age
50%
College-Educated
90%
High-School Grad
169.2 sq mi
ZIP Area
113
Density / Sq Mi
$96,767
Median Household Income
$43,595
Median Earnings
$1,502
Median Rent
$529,000
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial condo with live/work space, high ceilings, and steady income.
Where is this flex space located?
The property is located at 21 Bisbee Ct Santa Fe, NM.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 6.61% Cap Rate indicates a strong income‑generating investment.; Versatile live/work space suitable for various business needs.; Functional layout with **12’ roll‑up door, high ceilings, and warehouse space.**
